Global energy services and software provider AGR is enjoying a strong 2017 and a positive outlook for next year, having secured contracts worth over £6 million in the North Sea and internationally, and recruiting more than 20 engineers and operational experts.
In the midst of “the hardest industry recession ever” due to a prolonged low oil price, the company’s UK and Middle East businesses have won more than eight contracts since the turn of the year. These cover AGR’s full range of services, from well management and reservoir engineering and analysis through to training and consultancy manpower.
As part of the commercial success, AGR’s well management division has agreed two, two-well drilling programmes – one in the North Sea and the other internationally – with a further two drilling campaigns lined up for the UK Continental Shelf (UKCS) in 2018.
The company’s wells division has been commissioned to undertake several engineering studies in the UK and the Middle East. Additionally, the reservoir engineering division has secured key contracts in the UK and Middle East for reservoir assessments, mergers and acquisitions activity and competent person reporting (CPR).
The contract wins are a welcome boost for the UK and international offshore drilling sector, which is enduring the most challenging period in its history.
AGR’s Aberdeen office is a centre of operational excellence with responsibility for managing activities in the UK, Europe, Africa and the Middle East.
Ian Burdis, AGR’s UK/Europe/Africa/ME Region EVP, said restructuring the business over the past two years had positioned it to take advantage of an upturn in activity, resulting in the promising start to 2017, the recruitment of 20 additional engineers and increased optimism for 2018 and beyond.
“The hard work of everyone at AGR has led to a strong second half of 2017 and a promising outlook for 2018. This is a clear indication of the optimism and resilience that exists not only in AGR, but in the oil and gas industry at large,” he said.
“While AGR is a global company, I’m particularly pleased to see our Aberdeen division emerge in a strong and positive manner. Our pipeline of activity includes both domestic and international opportunities and, as the leading global outsourced well and reservoir engineering company, we are well placed to service these markets.”
AGR has drilled more than 530 wells globally and conducted more than 1,500 reservoir studies. In 2015 AGR became the first well management company to gain approval as a well operator from UKCS industry regulator the Oil and Gas Authority under new Offshore Safety Directive Regulator rules. It has since become the only well management company to be approved as a well operator on wells for multiple licence holders.